Geode Capital Management LLC Increases Position in SouthState Co. (NASDAQ:SSB)

Geode Capital Management LLC increased its position in shares of SouthState Co. (NASDAQ:SSB) by 1.8% during the 3rd quarter, Holdings Channel reports. The firm owned 1,820,303 shares of the bank’s stock after acquiring an additional 31,340 shares during the period. Geode Capital Management LLC’s holdings in SouthState were worth $176,931,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in SouthState by 234.5% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,208 shares of the bank’s stock worth $2,003,000 after purchasing an additional 18,374 shares in the last quarter. Blue Trust Inc. boosted its position in shares of SouthState by 286.8% during the second quarter. Blue Trust Inc. now owns 4,526 shares of the bank’s stock worth $346,000 after acquiring an additional 3,356 shares during the last quarter. Raymond James & Associates grew its stake in SouthState by 0.6% during the second quarter. Raymond James & Associates now owns 21,343 shares of the bank’s stock valued at $1,631,000 after acquiring an additional 126 shares in the last quarter. Ceredex Value Advisors LLC increased its holdings in SouthState by 13.8% in the 2nd quarter. Ceredex Value Advisors LLC now owns 181,615 shares of the bank’s stock valued at $13,879,000 after acquiring an additional 22,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in SouthState by 1.9% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,144,513 shares of the bank’s stock valued at $87,464,000 after acquiring an additional 21,160 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In other SouthState news, CFO William E. V. Matthews sold 5,000 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares of the company’s stock, valued at $3,696,400. The trade was a 11.91 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the transaction, the insider now directly owns 33,328 shares in the company, valued at approximately $3,332,800. This trade represents a 6.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Stephens upgraded SouthState from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Finally, Citigroup initiated coverage on shares of SouthState in a research report on Thursday, October 10th. They issued a “neutral” rating and a $102.00 price target on the stock. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $105.11.

SouthState Stock Up 0.8 %

NASDAQ SSB opened at $108.71 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.26. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 16.78 and a beta of 0.69. The company has a fifty day moving average of $104.17 and a two-hundred day moving average of $93.25.

SouthState (NASDAQ:SSB) last released its quarterly earnings results on Wednesday, October 23rd. The bank reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million during the quarter, compared to analysts’ expectations of $429.47 million. During the same period in the previous year, the company earned $1.62 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. On average, analysts predict that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.99%. SouthState’s dividend payout ratio is 33.33%.

SouthState Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.